Asset protection strategies

Home » Accounting » Asset Protection Strategies

Setting up a trust business structure can help to protect your assets or limit your liability – regardless of how big or small your business is.

Many people incorrectly believe that trusts are just for big business owners and wealthy people, but their benefits can be utilised by almost anyone as everyone needs to ensure their assets are adequately protected.

Greenhalgh Pickard’s accountants take pride in keeping up-to-date with the latest changes in the ever-changing trust laws to ensure the advice you receive is always current. In combination with the in-house experience in insolvency law, the team’s ability to tailor superior asset protection packages is unsurpassed – regardless of whether you have assets that are low in value or needing more intricate solutions for larger asset bases.

Andrew Patrick, John Greenhalgh and Bryan Pickard are all accountants and solicitors experienced in the field of asset protection.

Setting up a trust

If you operate your business as a trust, the trustee is legally responsible for its operations. Because the trustee can be a company, this can assist in providing personal asset protection.

Setting up a trust requires a formal trust deed that outlines how the trust operates and administrative work that must be undertaken each year.

Another benefit of trusts, if set up and managed correctly, is they can reduce tax rates through the ability to distribute income to beneficiaries on a much lower, individual tax rate.

If you need advice in the area of setting up a trust, including advantages and disadvantages compared to other business structures, call (07) 5444 1022 today.

Greenhalgh Pickard’s asset protection experts

The Firm

Greenhalgh Pickard is an innovative Queensland accounting and law firm, with clients predominantly living and working on the Sunshine Coast or the Whitsunday Coast but with many clients also located throughout Queensland, interstate and even overseas. With offices in Caloundra, Kawana, Coolum Beach and Airlie Beach, Greenhalgh Pickard takes pride in being trusted guides and advisers to clients everywhere.

Recent News

Here are some thoughts from us

Buying property through your Self Managed Super Fund

Buying property through your Self Managed Super Fund

  There is still a lot of uncertainty around the future of our property market. Most forecasters are predicting a drop in property prices, but by just how much is still unknown. Whilst property only makes up around 13% of the total estimated...

read more

Jobkeeper

The last few months have been an intense period of survival for many business owners, and it’s not over yet. This next phase will be one of inevitable scrutiny, particularly around JobKeeper entitlements. Here’s what you need to know.   Errors in...

read more

Early access to Super

  As at the end of June 2020, Australian’s had accessed $25billion in early access Super, a Government scheme put in place to help people financially affected by the ongoing Coronavirus Pandemic. When the scheme first opened back on April 20,...

read more

Contact Your Nearest Office

If you are interested in meeting with an accountant or lawyer regarding your business or commercial interests, please fill out the form to book an appointment or call (07) 5444 1022